Company, Director, Private limited company registration, Uncategorized




Miscellaneous and company under the act

Section 447: Punishment for fraud:

Without any liability prejudice including any repayment of debt under this company Act or any other for the time that was in force, any person who is fraud or guilty shall be punishable for a term with imprisonment. It shall not be less than six months but which may exceed ten years and can be also liable to fine.  It shall not be less than the amount involved in the fraud, but which may exceed three times which the amount involved in the fraud.

Provided that where in question involves the public interest, the imprisonment term shall not be less than three years.

For the section purpose

  1. ” Fraud” in relation to company affairs or any body corporate, involves act, omission,  any fact concealment  or  committed person any  position any other person or abuse in any manner with convenience,  with intent to deceive, to gain advantage from the undue, or to the injury interests , the company or its creditors or its shareholders or any other person whether or not there is any wrongful loss or wrongful gain.
  2. “Gain” which is wrong is a gain by means of unlawful property to which the losing person is legally entitled.
  3. Section 448: Punishment for the false statement:
  4. If any certificate, return, report, financial statement, statement, prospectus or other document needed, or for any provisions of this Act provisions or made the rules thereunder make a statement for any statement-
  5. Which in any false material particulars, knowing it to be false or
  6. Which omits any material fact, knowing it to be material, under section he shall be liable
  7. False evidence punishment:
  8. Upon any examination solemn affirmation or an oath, under this authorised Act; or
  9. In an  affidavit, solemn affirmation or deposition, in or about any of the company winding up under this Act, or otherwise in or about arising any matter under this Act
  10. He shall be punished for a term with imprisonment or which shall not be minimum three years but that may extend to seven years and which may extend up to ten lakh rupees including fine.
  11. Section 450: Punishment where no specific penalty or punishment is provided
  12. If a company or any company officer or any other person contravenes any of the provisions of this Act or thereunder made the limitations or the rules, any condition or any sanction restriction subject, approval, confirmation, consent, recognition, exemption or direction to any matter in relation has been accorded, granted or given, and for which no punishment or elsewhere penalty was given in this Act, every company and the default company officer or with fine such other person shall be punishable  that may be exceeded to ten thousand rupees, or where the contravention is continuing one, after the first with a fine  further during the contravention continues which may exceed one thousand rupees  .
  13. Punishment in case of repeated default
  14. If a company or company officer commits an punishable offence either with imprisonment or fine and when the same offence is committed for the second or then that every company with three years subsequent occasions and thereof the officer who is in default shall be punishable with two times the amount of fine in addition for such offence  provided  to any imprisonment for that offence.
  15. SECTION 452: Punishment for wrongful property withholding
  16. If the officer or  any  company employee
  17. Any wrongfully obtained company possession, including the company cash or
  18. b, Having any such property including cash in his possession, withholds it or knowingly applies that for the purposes other than those articles directed or expressed and authorised by this act.
  19. he shall on the company complaint or of any member or contributory thereof or creditor be punishable with fine which shall not be less than one lakh rupees but which may exceed to rupees five lakhs.
  20. The court trying an offence under sub-section(1) may also order such officer or employee to refund or deliver up,  any such property within the fixed time or wrongfully obtained cash or withheld wrongfully or misapplied knowingly from such benefits of the derived property or in default or in cash to undergo imprisonment  that may extend to two years for a term .
  21. SECTION 453: Punishable for improper use of ” Limited ” or ” Private Limited
  22. If any person or trade  persons or carry on business under any name or title of which the word limited or the words ” Private Limited ” or any contraction or imitation thereof is or are the words or the last word that person or each of those persons shall, unless duly with incorporated limited liability or unless duly incorporated as a private company with limited liability as the case may be, punishable with fine that shall not be less than five hundred rupees or must not extend every day two thousand rupees  for which that title or name has been used
  23. Section 456: Protection in good faith of action taken
  24. No prosecution or suit or another legal proceeding shall lie against any Government officer or the Government or any other person in good faith in respect of anything which is done go or intended to be done in this  Act pursuance or orders or any rules thereunder made or in respect of the publication by or under the authority of Government or such officer, any report proceeding or paper.
  25. Non-disclosure of information in certain cases.
  26. Notwithstanding anything contained in any other law for the time being in force, any  government officer or registrar for the registration of the company or any other person shall not be compelled to any court to disclose, other Authority or Tribunal where he got any information from the course which
  27. Under section 210 has led the central government to order an investigation or has been material or in relevant connection with such investigation.
  28. SECTION 458: Delegation of its powers by Central Government and functions
  29. The central government may, and subject to such conditions, by notifications, limitations and restrictions as may be specified therein, under this Act delegate any of its powers or functions other than such authority the power to make rules or officer in the notification as may be specified.
  30. Provided to enforce the provisions that the powers contained in section 194 and section 195 relating to forward dealing and inside trading to securities shall be delegated and Exchange Board for the companies or the listed companies which intend to get their securities listed and in such case.
  31. SECTION 459: POWERS OF CENTRAL GOVERNMENT OR TRIBUNAL TO ACCORD APPROVAL, etc., subject to conditions and to prescribe application fees.
  32. Where required the Tribunal or the Central Government or any of this authorised provision Act.
  33. To accord sanction, approval, confirmation, consent or to recognition or in relation to any matter or
  34. To give any direction in relation to any matter
  35. Allow an exemption in relation to any matter.
  36. then the Tribunal or the Central Government  to the contained contrary may be in the absence of anything in any other provision of the Act or that provision, give, accord, grant or give such sanction, approval, consent, recognition,   such conditions subject direction or exemption, restrictions or limitations to impose as it may think fit  or may be in any such condition, restriction or limitation, withdraw or rescind such approval, consent, sanction, recognition, confirmation, exemption or direction.

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